The Bank of Ghana has directed MTN Mobile Money to suspend its proposed 0.75% wallet-to-bank transfer fee. This regulatory intervention has placed the charge on hold pending further consultation. The fee was originally scheduled to take effect on June 1, 2026.
CUTS International Accra, a public policy think tank, commended the Bank of Ghana for this action. They described the central bank’s decision as an important consumer protection measure. The intervention protects consumers from a new charge introduced with insufficient notice.
This event fits into Ghana's broader efforts to regulate its rapidly expanding digital financial services. Mobile money is a cornerstone of financial inclusion, allowing millions to conduct transactions. The Bank of Ghana actively monitors this sector to balance innovation with consumer welfare. This action follows other regulatory moves aimed at ensuring stability and fairness in the financial ecosystem.
Appiah Kusi Adomako, West Africa Regional Director of CUTS International Accra, praised the central bank's prompt response. He stated, “We applaud the Bank of Ghana for acting swiftly to protect consumers. This is exactly the kind of proactive regulatory oversight that builds public trust in our financial system.” Mr. Adomako emphasized the Bank of Ghana has made it clear that any changes to mobile money fees must be fair and transparent.
The suspension means the proposed GHS 0.75 fee will not be implemented for now. Stakeholders, including regulators, consumer advocates, and MTN, will now engage in discussions. These consultations will examine the implications for consumers, the regulatory framework, and the broader market. This process will help determine the fairness and sustainability of such fees.
CUTS clarified it does not oppose a business's right to adjust its fees. However, such adjustments must align with existing laws and be fair to consumers. The organisation strongly criticized the short notice period for the proposed fee. MTN Mobile Money Fintech Limited (MMFL) controls about 75% of Ghana’s mobile money market. This market share makes it a dominant player.
CUTS argued that while market dominance is not illegal, abuse of dominance is. MMFL's short, seven-day notice was seen as an abuse of this dominant position. This limited the practical opportunity for customers to choose other mobile money providers. Mr. Adomako highlighted that consumers need enough time to understand changes and make informed decisions.
Mobile money has transformed financial access for many Ghanaians. It enables seamless transfers between wallets and bank accounts, reducing banking hall traffic. This system also lowers transaction costs and reaches those previously without bank accounts. The Bank of Ghana’s intervention underscores the importance of maintaining public trust in this vital service. The outcome of these consultations will be crucial for the future pricing structure of mobile money services in Ghana.